|
on Investment |
| By: | Jeffrey Clemens; Melissa D. Gentry; Jonathan Meer |
| Abstract: | We analyze the differential effects of minimum wage increases on individuals with disabilities using data from the American Community Survey and leveraging state-level minimum wage variation during the 2010s. We find that large minimum wage increases significantly reduce employment and labor force participation for individuals of all working ages with severe disabilities. These declines are accompanied by a downward shift in the wage distribution and an increase in public assistance receipt. By contrast, we find no employment effects for all but young individuals with either non-severe disabilities or no disabilities. Our findings highlight important heterogeneities in minimum wage impacts, raising concerns about labor market policies’ unintended consequences for populations on the margins of the labor force. |
| JEL: | J14 J21 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33437 |
| By: | Arkebe Oqubay |
| Abstract: | This paper, included in the report "Urban Sustainable Development: Governance, Finance and Politics.", was originally published on:https://cebri.org/en/doc/356/cebri-and-rio-g20-committee-publish-urban-sustainable-development-governance-finance-and-politics © Vormittag, Pedro, Marianna Albuquerque & Eugénie Birch (Eds.). 2024. Urban Sustainable Development: Governance, Finance and Politics. Rio de Janeiro: CEBRI. Sustainable urban development is vital for Africa, offering opportunities for a better future that requires political commitment and a collective response to global challenges. A shared perspective and productive debate on Africa’s challenges and future are essential to enhance economic transformation, urban sustainability, and the transition to a carbon-neutral economy. This commentary presents a compelling conversation among African policymakers, leaders, practitioners, and specialists on this pressing theme conducted in September 2024. The conversation was based on a semi-structured qualitative survey featuring a qualitative format, targeted at a spectrum of African mayors, national policymakers, leaders of continental organizations, and development practitioners—urban specialists. The respondents play a critical role in shaping public policy and practice and include Prime Ministers and the African Union Commission Chairperson, offering a snapshot of their perspectives and concerns. Of the fifty invited participants, nearly 50% completed the survey, including eight ministers, seven officials of continental organizations, five development and urban experts, and the mayors of Rabat, Freetown, Windhoek, and Cape Town. Cities are vital in attaining the United Nations 17 Sustainable Development Goals (SDGs) and the net-zero goals endorsed in 2015 under the Paris Agreement. The questionnaire comprised questions underpinned by cities’ contributions as innovation and economic growth engines, as well as Africa’s commitment to the common aspiration of the global community. African countries made a significant stride by unanimously adopting Agenda 2063, a 50-year road map with a theme of “Africa We Want, ” which places sustainable urban development at its core. Most recently, in September 2024, the African Union Commission successfully organized an African Urban Forum in Addis Ababa. This pivotal forum delved into African urbanization and the challenges of financing to achieve sustainable and resilient urban development. |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:pbecon:part_202 |
| By: | Uluc Aysun (University of Central Florida, Orlando, FL) |
| Abstract: | This paper shows that the transmission of term premium shocks to the real economy operates more strongly through banks whose owners have high maturity mismatches. Using bank-level call report data, it �nds that the subsidiaries of bank holding companies that engage in a greater degree of maturity transformation lend more in response to an unanticipated rise in the term premium. This inference is obtained by applying a unique methodology that suppresses the demand side e¤ects of term premium shocks when measuring their independent effects on the supply side of the loanable funds market. Without the methodology the inferences are reversed. |
| Keywords: | Maturity mismatches, term premium, real economy, call report data. |
| JEL: | E44 G11 G12 G21 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:cfl:wpaper:2025-01ua |
| By: | Yoshitaka Ogisu (Faculty of Economics, Konan University and Junior Research Fellow, Research Institute for Economics and Business Administration, Kobe University, JAPAN); Shoka Hayaki (Faculty of Economics, Kagawa University and Research Institute for Economics and Business Administration, Kobe University, JAPAN); Masahiko Shibamoto (Research Institute for Economics and Business Administration and Center for Computational Social Science, Kobe University, JAPAN) |
| Abstract: | Relationship lending refers to lending a close relationship between a bank and a borrower, which is expected to help reduce borrowing costs. However, the extent to which they are used is unclear. This measurement difficulty makes it challenging to evaluate its benefits accurately. This paper proposes a novel empirical framework to identify relationship lending in transaction data between banks and borrowers in a more objective manner by determining the set of significant ties from an ensemble of undirected and unweighted bipartite networks. Using the detected relationship lending between banks and borrowers, we estimate the magnitude of additional lending volumes based on relationship lending. From the financial data in Japan from 1977 to 2021, the usage of relationship lending is estimated to be over 50% throughout the sample period but has varied considerably over time. We find that the volume of relationship lending is 34% larger than that of transactional lending. Although the relative volume of relationship lending against transaction lending has been declining, the importance of relationship lending remains substantial in obtaining a larger volume of lending. |
| Keywords: | Relationship lending; Bank-borrower networks; Significant ties |
| JEL: | C81 G12 G21 L14 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:kob:dpaper:dp2025-02 |
| By: | Eric Chyn; Robert Collinson; Danielle H. Sandler |
| Abstract: | This paper studies the effects of the largest residential racial desegregation initiative in U.S. history, the Gautreaux Assisted Housing Program. From the late 1970s to the 1990s, Gautreaux moved thousands of Black families into predominantly white neighborhoods to support racial and economic integration. We link historical program records to administrative data and use plausibly exogenous variation in neighborhood placements to study how desegregating moves impact children in the long-run. Being placed in the predominantly white neighborhoods targeted by the program significantly increases children’s future lifetime earnings and wealth. These moves also increase the likelihood of marriage and particularly raise the probability of being married to a white spouse. Moreover, placements through Gautreaux impact neighborhood choices in adulthood. Those placed in predominantly white neighborhoods during childhood live in more racially diverse areas with higher rates of upward mobility nearly 40 years later. |
| JEL: | H00 I30 J01 R38 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33427 |
| By: | Fitzgerald, Jack (Vrije Universiteit Amsterdam) |
| Abstract: | Equivalence testing can provide statistically significant evidence that economic relationships are practically negligible. I demonstrate its necessity in a large-scale reanalysis of estimates defending 135 null claims made in 81 recent articles from top economics journals. 36-63% of estimates defending the average null claim fail lenient equivalence tests. In a prediction platform survey, researchers accurately predict that equivalence testing failure rates will significantly exceed levels which they deem acceptable. Obtaining equivalence testing failure rates that these researchers deem acceptable requires arguing that nearly 75% of published estimates in economics are practically equal to zero. These results imply that Type II error rates are unacceptably high throughout economics, and that many null findings in economics reflect low power rather than truly negligible relationships. I provide economists with guidelines and commands in Stata and R for conducting credible equivalence testing and practical significance testing in future research. |
| Date: | 2025–02–05 |
| URL: | https://d.repec.org/n?u=RePEc:osf:metaar:d7sqr_v1 |
| By: | Damián Pierri (Universidad Autónoma de Madrid); Fernando García-Belenguer (Universidad Autónoma de Madrid) |
| Abstract: | Economies experience periods of countercyclical borrowing in which the stock of external private debt is negatively correlated with output growth rates but also undergo periods of procyclical borrowing in which debt shows a positive correlation with growth.We find that a group of middle-income countries spend around one-half of the time in each of the two states. Weconstruct an open economy model with endogenous growth and stochastic productivity shocks to investigate this evidence, exhibiting a stochastic balanced growth path.We prove the existence of an invariant distribution for the debt-capital ratio and characterize its dynamical properties, stating the conditions under which the normalized debt stock is sustainable. In this economy, periods with high debt levels are consistent with decreasing and increasing debt patterns depending on the aggregate growth rate. The model is calibrated to Argentinian data, and the fit is surprisingly good.Our results also allow us to rationalize the variability of the correlation between the trade balance and output growth since the global approach used in the paper allows us to unravel the underlying dynamics of the stock of private debt. |
| Keywords: | Endogenous growth, Debt Sustainability, Open Economies |
| JEL: | C62 E62 O41 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:aoz:wpaper:353 |
| By: | Isis Durrmeyer (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Arthur Guillouzouic (IPP - Institut des politiques publiques); Clément Malgouyres (CREST - Centre de Recherche en Economie et Statistique [Bruz] - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz], IPP - Institut des politiques publiques, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Thierry Mayer (Institut d'Études Politiques [IEP] - Paris); Maxime Tô (IPP - Institut des politiques publiques) |
| Abstract: | Ce rapport s'inscrit dans le cadre de l'évaluation du Plan France Relance. Il vise à évaluer les effets des mesures de soutien à l'achat de véhicules propres, notamment celles mises en place depuis 2020. France Relance prévoit un renforcement du bonus écologique à l'achat ou à la location de longue durée d'un véhicule propre qui consiste principalement en une hausse de de 6 000 à 7 000 euros du 1er juin 2020 au 30 juin 2021 pour les véhicules électriques, et de 2 000 euros pour les véhicules hybrides rechargeables. Le plan prévoit également le renforcement de la Prime à la conversion avec notamment l'extension des véhicules éligibles à la restitution aux Crit'air 3. Les années 2015 à 2021 ont vu se produire de nombreuses réformes du malus écologique, tandis que le barème du bonus a été beaucoup plus stable. Ce projet vise à comprendre l'impact causal des aides à l'achat des véhicules propres décidées dans le cadre du plan de relance sur le marché de l'automobile. |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04440553 |
| By: | Lefouili, Yassine; Madio, Leonardo |
| Abstract: | In this paper, we review recent studies on the impact of mergers on investments. First, we examine how mergers among competing incumbents influence firms' incentives to develop new products and undertake cost-reducing or quality-enhancing investments. Second, we analyze how an incumbent's acquisition of an innovative entrant affects the investment incentives of both parties. Third, we discuss the effects of vertical mergers on the investment decisions of both upstream and downstream firms. Finally, we outline a few directions for future research. |
| Keywords: | Competition; Investments; Innovation; Mergers, Entry |
| JEL: | D43 L13 L40 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:130332 |
| By: | Ech-Chafi Ilyasse (UH2MC - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)); El Hassane Ait Ali (UH2MC - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)) |
| Abstract: | Moroccan SMEs represent a significant portion of the national economy, but they face economic, technological, and structural challenges. Digitization appears to be a promising solution to strengthen their resilience. However, these companies encounter major obstacles in their digital transition, making it crucial to examine its benefits and challenges. This work aims to present a narrative literature review. It will define the notion of business failure, list the main causes, show the advantages and opportunities offered by digitization, outline the challenges of integrating digitization, and present solutions to overcome these challenges. Digitization offers benefits such as improved operational efficiency, access to new markets, and enhanced decision-making. However, it also poses challenges like the lack of digital skills, high adoption costs, and data privacy issues. To meet these challenges, companies need to adopt a strategic approach, supported by public policies and training initiatives. Existing success stories could inspire companies to embrace digitization despite the obstacles. |
| Abstract: | Les PME marocaines, qui représentent une part importante de l'économie nationale, sont vulnérables face aux défis économiques, technologiques et structurels. La numérisation semble être une solution prometteuse pour renforcer leur résilience, Cependant, ces entreprises rencontrent des obstacles majeurs dans leur transition numérique, rendant crucial l'examen de ses avantages et de ses défis. Ce travail vise à présenter une revue de littérature narrative. Il définira brièvement la notion de défaillance des entreprises et énumérera les principales causes de leur faillite. Ensuite, il montrera les avantages et les opportunités offerts par la numérisation pour aider les dirigeants à assurer la pérennité et la durabilité de leurs entreprises. Enfin, il exposera les défis de l'intégration de la numérisation par les dirigeants de PME pour prévenir toute éventuelle défaillance, et présentera de certaines solutions tirées des travaux antérieurs pour surmonter ces défis. Une étude documentaire rigoureuse de la littérature existante sera menée pour contribuer à l'avancement des connaissances. En conclusion, la numérisation offre de nombreux avantages, comme une meilleure efficacité opérationnelle grâce à l'automatisation, un accès à de nouveaux marchés par les plateformes numériques et un renforcement de la prise de décision. Cependant, elle pose également des défis majeurs, tels que le manque de compétences numériques au sein des PME, les coûts élevés de son adoption et les problèmes de confidentialité des données. Pour relever ces défis, les entreprises doivent adopter une approche stratégique, soutenue par des politiques publiques favorisant la transformation numérique et des initiatives de formation. Des réussites existantes pourraient également inspirer les entreprises à franchir le pas malgré ces obstacles. |
| Keywords: | SME failure, digitalization, opportunities, challenges, Défaillance des PME, numérisation, opportunités, défis |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04881551 |
| By: | Mathilde Velliet (LARCA UMR 8225 - Laboratoire de Recherche sur les Cultures Anglophones - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité, LERMA - Laboratoire d'Etudes et de Recherche sur le Monde Anglophone - AMU - Aix Marseille Université, IFRI - Institut Français des Relations Internationales - Institut Français des Relations Internationales) |
| Abstract: | Outbound investments targeting rival powers are receiving increasing political attention on both sides of the Atlantic. As projects to screen and restrict these flows are being developed, public authorities are seeking information to enhance their understanding of financial dynamics directed towards countries like China. Official documents that pave the way for future restrictions target four rapidly growing sectors: artificial intelligence (AI), biotechnology, semiconductors, and quantum computing and communication. Using Crunchbase data, this study maps European and American investments in these four Chinese sectors from 2003 to 2023, aiming to identify the nature and dynamics of these investments and spot any potentially problematic transactions. It is important to note that the share of European and American investments is limited — three-quarters of transactions in these sectors are carried out by Chinese investors, with European and American investors participating in only 12% of investment cycles — and is declining. European investments, in particular, are very modest. The landscape is dominated by Germany (49 transactions since 2003) and France (36), primarily investing in artificial intelligence. France's total can be attributed to the major role of Cathay Capital, the leading European investor, while German investments are marked by the significance of corporate venture capital, linked to major industrial groups such as Bosch, BASF, or Continental. Only two transactions (Italian and German) were identified as potentially problematic: one targeting a company in the Chinese quantum sector (linked to the CCP and the military), and the other aimed at SJ Semi, listed on American sanction lists for its ties to the Chinese military. Investments from the United States are much more numerous (1, 602 between 2003 and 2023), making the U.S. the leading foreign investor in Chinese tech. These investments are also more diversified, primarily targeting biotechnology and AI. We identified several cases of American investments in quantum sector companies or companies on U.S. sanction lists. Among the top 10 American investors, 7 have invested in Chinese companies currently sanctioned by the U.S. for their ties to the military, involvement in human rights violations, or actions contrary to American foreign policy interests. This study also highlights the lack of transparency in these flows — with transactions and their amounts being insufficiently disclosed — and the existence of intermediary structures, which further complicates the equation for determining the nationality of investors. As the debate intensifies on the relevance of restricting certain transactions to China, a first step in political decisions should be to encourage greater transparency in private equity firms that fund the development of technologies deemed strategic. The complexity of transactions and lack of available data condition any political action to renewed investment in states' analytical capacities. |
| Abstract: | Les investissements sortants à destination de puissances jugées rivales font l'objet d'une attention politique croissante des deux côtés de l'Atlantique. Alors que des projets de surveillance et de restriction de ces flux sont en construction, les autorités publiques sont en quête d'informations permettant d'améliorer leurs connaissances des dynamiques financières à destination de pays comme la Chine. Les premiers documents officiels ouvrant la voie à de futures restrictions ciblent quatre secteurs en forte croissance : l'intelligence artificielle (IA), les biotechnologies, les semi-conducteurs, ainsi que l'informatique et la communication quantiques. À partir de données Crunchbase, cette étude propose une cartographie des investissements européens et américains à destination de ces quatre secteurs en Chine de 2003 à 2023. L'objectif est d'identifier leur nature et leurs dynamiques, et de repérer d'éventuelles transactions problématiques (en raison des liens de l'entreprise avec l'armée chinoise par exemple). Il faut toutefois rappeler que la part des investissements européens et américains est limitée – en effet, trois quarts des transactions dans ces secteurs sont effectuées par des investisseurs chinois, tandis que les investisseurs européens et américains ne sont présents que dans 12 % des cycles d'investissement –, et par ailleurs déclinante. En particulier, les investissements européens sont très modestes. Le paysage est dominé par l'Allemagne (49 transactions depuis 2003) et la France (36) qui investissent majoritairement dans l'IA. Si le total des investissements français s'explique par le rôle majeur du fonds Cathay Capital, premier investisseur européen en nombre de transactions, les investissements allemands sont marqués par l'importance des filiales de capital-risque de grands groupes industriels (comme Bosch, BASF ou Continental). Seules deux transactions (italienne et allemande) ont été identifiées comme potentiellement problématiques : l'une visant une entreprise du secteur quantique chinois (secteur lié à l'écosystème militaire), l'autre à destination de l'entreprise SJ Semi, inscrite sur les listes de sanctions américaines pour ses liens avec l'armée chinoise. Les investissements en provenance des États-Unis sont beaucoup plus nombreux (1 602 entre 2003 et 2023), faisant des États-Unis le premier investisseur étranger dans les technologies chinoises. Ils sont également plus diversifiés, ciblant principalement les biotechnologies et l'IA. Nous avons identifié plusieurs cas d'investissements américains dans des entreprises du secteur quantique ou des entreprises sous sanctions. Parmi les dix premiers investisseurs américains, sept ont ainsi investi ces dernières années dans des entreprises chinoises actuellement sanctionnées par les États-Unis pour leurs liens avec l'armée, leur implication dans des violations des droits humains ou leurs actions contraires aux intérêts de la politique étrangère américaine. Cette étude met également en lumière le manque de transparence de ces flux – les transactions et leurs montants étant insuffisamment divulgués – et l'existence de structures intermédiaires, compliquant davantage l'équation pour déterminer la nationalité des investisseurs. Alors que s'intensifie le débat sur la pertinence de restreindre certaines transactions vers la Chine, une première étape dans les décisions politiques devrait ainsi être d'inciter à davantage de transparence dans le capital-investissement qui permet de financer le développement de technologies jugées stratégiques. La complexité et le manque de données disponibles conditionnent toute velléité d'action politique à un investissement renouvelé dans les capacités d'analyse des États. |
| Keywords: | Technology, United States, Europe, China, Technological competition, Outbound investment, Investissements, Etats-Unis, Chine, Compétition technologique, technologies |
| Date: | 2024–07–02 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04868597 |
| By: | Timothée Duverger (CED - Centre Émile Durkheim - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Fini le foot business. Bienvenue dans le foot coopératif. Après le SC Bastia, c'est au tour du FC Sochaux-Montbéliard de se transformer en coopérative. |
| Keywords: | sport, football, société, Corse, coopérative, territoires, droit du sport |
| Date: | 2024–12–23 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04863518 |
| By: | Dr. Froolik, Alderd J. (Quest Sales & Marketing Automations BV) |
| Abstract: | This dissertation explores the application of AI-powered automation and low- and no-code tools, specifically focusing on Integrated Platform as a Service (iPaaS) solutions, to empower Small and Medium-sized Businesses (SMBs) in the digital marketplace. In a landscape heavily skewed towards large enterprises with substantial resources and access to advanced technologies, SMBs face considerable challenges in achieving operational efficiency, scalability, and customer engagement. This research investigates how tools like Make.com, Zapier, Shopify, and ActiveCampaign, categorized as iPaaS platforms, can democratize access to these capabilities, allowing SMBs to effectively compete with larger competitors. Using PeponiXL as a practical case study, the thesis illustrates the implementation of automation workflows and AI-driven solutions aimed at improving marketing performance, order processing, and operational efficiency. The case study demonstrates the integration of VidaXL's product catalog and Shopify through automated processes powered by iPaaS tools, showcasing the feasibility of cost-effective scaling for SMBs. The research utilizes the Technology Acceptance Model (TAM) and the Resource-Based View (RBV) to establish the theoretical foundation, examining how perceived ease of use and usefulness influence the adoption of these technologies. Key performance metrics such as Return on Investment (ROI), Customer Acquisition Cost (CAC), Customer Lifetime Value (CLV), and operational efficiency were analyzed to assess the success of the implementation. Findings indicate that the deployment of iPaaS tools significantly enhanced operational efficiency, reduced manual workloads, and enabled personalized customer engagement, resulting in a 45% increase in ROI and a 30% reduction in CAC. The hybrid approach of combining low-code platforms with custom scripting provided the necessary scalability to manage increased demand effectively, highlighting the value of iPaaS in fostering digital transformation for SMBs. The study contributes to the academic discourse by addressing the research gap related to the adoption of AI-powered automation in SMBs and by offering practical insights into how small enterprises can leverage technology to level the competitive playing field. Recommendations are provided for SMBs looking to adopt similar approaches, as well as suggestions for future research into the broader implications of iPaaS for digital transformation across various industries. |
| Date: | 2024–11–10 |
| URL: | https://d.repec.org/n?u=RePEc:osf:thesis:uvk3q_v1 |
| By: | von Daniels, Laura (Ed.); Mair, Stefan (Ed.) |
| Abstract: | Die zweite Trump-Präsidentschaft stellt Deutschland und Europa vor große Herausforderungen. Geprägt sein wird die Politik der neuen US-Regierung von einer konfrontativen Grundhaltung gegenüber der EU, vor allem gegenüber Deutschland, einer Präferenz für interessengeleitete Transaktionen, aber auch von unvorhersehbaren Kurswechseln. Das Vorgehen der Trump-Regierung wird globale Kooperationen belasten, vor allem in der Klima- und Flüchtlingspolitik. Dabei haben die EU und andere Akteure bislang keine Lösungen entwickelt, um ein fehlendes US-Engagement auszugleichen. Trumps transaktionale Außenpolitik beeinflusst lokale und regionale Konflikte, wie im Verhältnis zu Israel und Nahost, und könnte Völkerrecht wie demokratische Prinzipien untergraben. Auch ist einmal mehr offen, wohin sich die US-Politik gegenüber Iran entwickeln wird. Der Konflikt mit China steht weiter im Zentrum der amerikanischen Außen- und Sicherheitspolitik. Dies hat massive Auswirkungen auf die Partner der USA in der Indo-Pazifik-Region, die auf Trumps sicherheitspolitische Unterstützung angewiesen sind. Vieles hängt von der Entwicklung der "Checks and Balances" in den USA ab. Offen ist, inwieweit Kongress und Gerichte dem Präsidenten außenpolitisch Grenzen setzen können. Zudem ist unklar, ob sich jene Stimmen innerhalb der Administration, die in der Pflege von Bündnissen einen strategischen Vorteil für die USA sehen, gegenüber den isolationistischen Kräften durchsetzen werden. Entscheidend für die Europäer wird sein, wie die Trump-Regierung mit den für sie zentralen Fragen der Sicherheitspolitik - Nato und Ukraine - umgeht. Sollten die USA ihre Verpflichtungen hier einschränken, könnte sich die Sicherheitsarchitektur in Europa grundlegend verändern. Neue Handelszölle und wirtschaftliche Zwangsmaßnahmen der USA könnten der EU - zusätzlich zur sicherheitspolitischen Verunsicherung - erheblich schaden. Problematischer als die rein wirtschaftlichen Kosten von Zöllen ist aber Trumps Neigung, Außenwirtschafts- und Sicherheitspolitik zu verknüpfen, denn dies erschwert bisher eine geschlossene Antwort der Europäer auf seine Drohungen. Europa und Deutschland müssen daher die Anstrengungen deutlich erhöhen, für ihre eigene Sicherheit zu sorgen. Wichtig ist nicht nur die innereuropäische Abstimmung, auch mit dem Vereinigten Königreich; darüber hinaus gilt es weitere Partner einzubeziehen, die sich gegenüber den USA in einer ähnlichen Lage befinden, vor allem Japan und Südkorea. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpstu:311188 |
| By: | Vembye, Mikkel Helding; Weiss, Felix; Bhat, Bethany Hamilton |
| Abstract: | Co-teaching and related collaborative models of instruction are widely used in primary and secondary schools in many school systems. This systematic review and meta-analysis investigated the effects of such models on students’ academic achievement and how these effects are moderated by factors of theoretical and practical relevance. Although previous research and reviews have asserted that the evidence base is scarce, we found 128 treatment and control group studies from 1984–2020. We excluded 52 studies due to critical risk of bias via Cochrane's risk of bias assessment tools and conducted a meta-analysis of 76 studies. This yielded 280 short-term effect sizes of which 82% were pretest-adjusted. We found a moderate, positive, and statistically significant mean effect of g ̅ = 0.11, 95% CI[0.035, 0.184] of collaborative instruction compared to single-taught controls, using the correlated-hierarchical effects (CHE-RVE) model. From moderator analyses, we found that collaborative instruction yields effects of mostly the same size, whether the interventions involved trained teachers or assistants with no teaching qualifications. This implies a potential for the expansion of such interventions at lower costs than otherwise expected. Moreover, factors that are highlighted in the co-teaching literature as preconditions for the effectiveness of collaborative instruction did not explain variations in effect sizes. Finally, we found no clear evidence for publication bias or small study effects. Notably, a large number of the studies that we drew upon were non-randomized studies, and therefore, more rigorous experimental research is needed, especially on relevant co-teaching interventions. |
| Date: | 2023–08–03 |
| URL: | https://d.repec.org/n?u=RePEc:osf:metaar:mq5v7_v1 |
| By: | Shan Huang; Jing Li; Anirban Basu |
| Abstract: | Altruism is a key component of medical professionalism that underlies the physician's role as a representative agent for patients. However, physician behavior can be influenced when private gains enter the objective function. We study the relationship between altruism and physicians' receipt of financial benefits from pharmaceutical manufacturers, as well as the extent to which altruism mitigates physicians' responsiveness to these industry payments. We link data on altruistic preferences for 280 physicians, identified using a revealed preference economic experiment, with administrative information on their receipt of financial transfers from pharmaceutical firms along with drug prescription claims data. Non-altruistic physicians receive industry transfers that are on average 2, 184 USD or 254% higher than altruistic physicians. While industry transfers lead to higher drug spending and prescribing on paid drugs, these relationships are entirely driven by non-altruistic physicians. Our results indicate that altruism is an important determinant of physicians’ relationships with and responses to industry benefits. |
| JEL: | C91 D64 D84 I11 I14 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33439 |
| By: | Thomas MELONIO; Peter Martey Addo,; Anastesia Taieb,; Laura Landrein |
| Abstract: | The AI Investment Potential Index (AIIPI) 2025 represents a significant advancement in the systematic evaluation of global readiness and attractiveness for artificial intelligence (AI) investments. Building upon the foundational framework established in 2024, AIIPI 2025 integrates cutting-edge methodologies, advanced machine learning models, and comprehensive datasets to provide a nuanced and globally comparable assessment of AI ecosystems.This multidimensional framework analyzes key dimensions, including economic environment, governance quality, infrastructure resilience, human capital development, and data governance, with an enhanced emphasis on statistical capacity and data privacy. By addressing regional disparities and identifying strategic opportunities, AIIPI 2025 highlights critical factors driving AI readiness and investment potential worldwide.This paper explores the index’s theoretical underpinnings, methodological advancements, and empirical findings. It provides actionable insights and evidence-based recommendations for policymakers, investors, and researchers, aiming to harness AI’s transformative potential. By fostering strategic interventions and addressing global inequities, AIIPI 2025 serves as an essential instrument for advancing inclusive economic growth, fostering innovation, and shaping a sustainable and equitable global AI ecosystem. |
| JEL: | Q |
| Date: | 2025–02–10 |
| URL: | https://d.repec.org/n?u=RePEc:avg:wpaper:en17879 |
| By: | Schimmelpfennig, Robin; Elbæk, Christian; Mitkidis, Panagiotis; Singh, Anisha; Roberson, Quinetta |
| Abstract: | Sampling data from organizations and humans associated with those organizations is essential to organizational research. Much of what we know about organizations is based on such work. However, this empirical foundation may be compromised, calling into question the field’s theoretical and empirical findings. Studies often sample data from relatively similar, narrow contexts, so a lack of sample diversity accumulates in the discipline. To conceptualize this lack of sample diversity and examine its prevalence across research publications, we conduct a pre-registered systematic review of articles from 2018 to 2022 in six top management journals and another systematic review of articles from 2013 to 2022 in six additional journals (not pre-registered). Our review assesses sample country diversity while also exploring within-country factors that are relatively under or oversampled, such as the size or industry of the sampled organization. We find a lack of sample diversity, for instance, a strong bias toward WEIRD (Western, educated, industrialized, rich, and democratic) samples and an underrepresentation of small and medium-sized enterprises in organizational research. Based on the findings and past work, we introduce a conceptual framework for sample diversity along three dimensions: the sample’s geographical, organizational, and personnel contexts. Additionally, we discuss factors that contribute to a lack of sample diversity and propose guidelines for authors, reviewers, and editors to enhance it. Overall, this article seeks to improve the robustness and relevance of theoretical and empirical organizational research, thereby preventing the formulation of misinformed policies and practices in both organizational settings and broader societal contexts. |
| Keywords: | theory development; WEIRD; sample diversity; generalizability; systematic review; research methods |
| JEL: | R14 J01 J50 |
| Date: | 2025–01–22 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127151 |
| By: | Biancardi, Daniele (European Commission Joint Research Centre (JRC)); Lucifora, Claudio (Università Cattolica del Sacro Cuore); Origo, Federica (University of Bergamo) |
| Abstract: | Short-time work (STW) has been widely used, both during the Great Recession and the COVID crisis, to preserve jobs. In most European countries, the implementation of STW schemes is often the result of bargaining between trade unions and employers, yet very little is known about the role of unions. In this paper, we investigate the effects of STW schemes on a number of firms' economic outcomes, considering the role of unions and collective bargaining. We use firm-level panel data, for the metal--engineering industry (from 2009 to 2015), with information on firms characteristics, STW use, industrial relations attributes, merged with accounting data. We estimate the elasticity of employment, working hours, wages and labour productivity to STW hours using an IV-FE estimator. We find that STW is an effective policy to preserve jobs in all firms. The positive effect on employment is supported by quite different mechanisms, which depend on unions presence and power in the firm. In low unionized firms wage cuts are the prevailing adjustment mechanisms, while in highly unionized firms, per-capita wages are insensitive to STW and adjustment mainly occurs through a reduction in working hours. These results are coherent with the use of STW as a work sharing device to protect incumbent workers who are mainly union members. |
| Keywords: | short-time work, employment, wages, labour productivity, unions |
| JEL: | J08 J38 J58 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17657 |
| By: | Iyinolakan, Olayinka |
| Abstract: | The African continent has more than 2100 indigenous languages, but many of them are not well- represented in the media. Artificial intelligence (AI) technology offers an opportunity to digitally incorporate these languages into news media and enable journalism pedagogy that emphasizes their use. However, there is limited research on how to integrate AI into journalism training in Africa, especially for indigenous languages. This study evaluates the benefits and challenges of integrating AI tools into journalism training in Nigeria to promote productivity and inclusion of indigenous communities in media content. Mixed research design via in-depth interviews was used to collect data from journalism schools in Nigeria, semi-structured survey with current journalist and secondary data available via AI tools. The findings suggest that using AI tools in journalism education can improve the quality of journalism and equip journalists with skills needed to succeed in the digital age. However, there is no immediate urgency to integrate native language journalism beyond entry level. A bureaucracy-free dynamic curriculum is needed to train budding journalists and retrain veteran practitioners, with funding for recent tools. Future research should broaden the scope and sample size to produce comprehensive and generalizable results for other AI contexts within and beyond Nigeria. |
| Date: | 2023–03–31 |
| URL: | https://d.repec.org/n?u=RePEc:osf:africa:jak43_v1 |
| By: | Douglas W. Diamond; Yunzhi Hu; Raghuram Rajan |
| Abstract: | By improving the pledgeability of returns to financiers, financial development enhances a producer’s ability to raise capital to fund long term complex investments. Consequently, it should increase output and welfare. However, a general equilibrium analysis suggests this is not always so. We consider an economy where producers and consuming/financing households are distinct agents, where producers lack sufficient capital, and where households care about both pledgeable returns and liquidity. In this economy, the greater pledgeability of long-term project earnings can reduce long term production and overall welfare, even though it makes financing more accessible. Our results have implications for why economies face impediments to financial development and overall growth, especially when producer capital is scarce. |
| JEL: | G1 G3 O10 O16 O4 O43 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33416 |
| By: | Antoine Girard (PACTE - Pacte, Laboratoire de sciences sociales - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UGA - Université Grenoble Alpes); Yvonne Giordano (GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur); François Damilano |
| Abstract: | RESUME La résilience organisationnelle constitue aujourd'hui un thème de recherche majeur : elle s'intéresse principalement aux organisations qui parviennent à affronter des évènements massifs (catastrophes naturelles, attentats, crises) et à s'en relever. Plus rares sont les travaux qui portent sur la manière dont elle se construit au cours même de difficultés vécues au quotidien. Cette recherche exploratoire s'intéresse à ce que nous appelons la résilience écologique, celle dont dépend le fonctionnement et la survie d'organisations et d'activités particulières : équipages de navires de pêche, groupe d'alpinistes, expéditions, courses d'orientation, autant de collectifs qui constituent des organisations « artisanales » enchâssées dans des contextes naturels. La recherche montre que la résilience écologique d'une organisation immergée en contexte extrême - une expédition, en particulier - émerge des relations tissées à distance entre un prévisionniste météo et le chef d'expédition. Dans un contexte naturel où les risques létaux sont permanents, la résilience écologique s'élabore par des pratiques communicationnelles réciproques éloignées des modalités classiquement usitées. Elles mettent au jour le rôle crucial de la confiance mutuelle et de la capacité à donner et demander du feedback, compétence méta-communicationnelle transverse et activée autant par le prévisionniste que par le chef d'expédition. |
| Keywords: | Résilience écologique, Enchâssement écologique, Organisations artisanales, Pratiques communicationnelles, Confiance |
| Date: | 2024–06–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04612207 |
| By: | Burnitt, Christopher (University of Warwick); Gars, Jared (University of Florida and JILAEE); Stalinski, Mateusz (University of Warwick and CAGE) |
| Abstract: | Addressing rising political polarization has become a focal point for policy makers. Yet, there is little evidence of its economic impacts, especially in contexts where partisan- ship cannot be easily hidden. To fill this gap, we study a novel channel: the perception of out-group partisan oversight of independent civil service reduces trust in regulation, affecting key markets (e.g., food and medicine). First, we motivate it by demonstrating the salience of the association between the president and expert regulators in US media reporting. Second, in a pre-registered experiment with 5, 566 individuals, we test the channel by exploiting an alignment in the way that the EPA under Trump and Biden defended the safety of spraying citrus crops with antibiotics. This enabled us to randomize the partisanship of the administration, holding the scientific arguments constant. Despite the EPA’s independence, out-group administration reduces support for the spraying by 26%, lowers trust in the EPA’s evaluation, and increases donations to an NGO opposing the spraying by 15%. We find no overall effect on the willing- ness to pay for citrus products, measured in an obfuscated follow-up survey. However, we document significant differences in effects for elastic vs. inelastic consumers. Taken together, polarization has the potential to affect economic decisions. However, a reduction in trust might not translate into lower demand, especially for inelastic consumers. |
| Keywords: | political polarization, civil service, trust in regulation, trust in science, food policy, partisan identity, consumer demand JEL Classification: D12, D83, P16, Q11, Q13, Q18, Z18 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:744 |
| By: | Glenn P. Jenkins (Department of Economics Queen’s University, Canada, and Cambridge Resource International Inc.); Mikhail Miklyaev (Department of Economics Queen’s University, Canada, and Cambridge Resource International Inc.); Amin Sokhanvar (Cambridge Resources International Inc.) |
| Abstract: | This document provides a comprehensive analysis of tax incentives in Madagascar, offering policy recommendations to enhance efficiency, revenue generation, and economic growth. It examines key tax components, including excise taxes, the Value-Added Tax (VAT), trade taxes, and corporate tax incentives, identifying inefficiencies and proposing reforms to streamline administration and improve fiscal outcomes. The report highlights the need to simplify Madagascar’s excise tax system by narrowing the taxable goods range, reducing compliance costs, and improving public welfare. It also addresses VAT inefficiencies, noting that the country’s 359 exemptions undermine revenue potential and complicate tax administration. Recommendations include reducing unnecessary exemptions and enhancing compliance to boost fiscal sustainability. In trade taxation, the document advocates for optimizing import tariffs by eliminating excessive exemptions, thereby strengthening industrial growth and export competitiveness. Corporate tax incentives are assessed through Cost-Benefit Analysis (CBA) to ensure they generate genuine investment expansion and economic benefits. Additionally, the report emphasizes prioritizing public sector investments for climate resilience over private sector tax incentives, advocating for international support to address climate challenges effectively. By streamlining tax policies and aligning them with economic and social objectives, Madagascar can enhance revenue collection, promote sustainable investment, and strengthen climate resilience. These reforms will contribute to a more efficient, equitable, and growth-oriented tax system, supporting the country’s long-term development goals. |
| Keywords: | Excise Taxes, Impact Analysis, Tax Incentives, Corporate Income Tax (CIT), Revenue Tax Administration, Tax Exemptions, Economic Efficiency, Value-Added Tax (VAT) |
| JEL: | H2 H21 H23 F13 |
| Date: | 2025–02–05 |
| URL: | https://d.repec.org/n?u=RePEc:qed:dpaper:4627 |
| By: | Fleuren, Tijn (Tilburg University, School of Economics and Management) |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:tiu:tiutis:1fe1bbe5-fd90-4077-8606-d52c568715d8 |
| By: | Basile Michel (PLACES - EA 4113 - PLACES - Laboratoire de géographie et d'aménagement - CY - CY Cergy Paris Université, ESO - Espaces et Sociétés - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UM - Le Mans Université - UA - Université d'Angers - UR2 - Université de Rennes 2 - CNRS - Centre National de la Recherche Scientifique - Nantes Univ - IGARUN - Institut de Géographie et d'Aménagement Régional de l'Université de Nantes - Nantes Université - pôle Humanités - Nantes Univ - Nantes Université - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | The aim of this article is to contribute to the conceptual framework of arts in the city so as to improve the understanding of the role of arts and culture in urban spaces and the tensions that run through them, by dealing more specifically with the artistic and cultural dynamics in inner suburbs. Using the case of the Canal de l'Ourcq in the northeastern suburbs of Paris, the article addresses three issues: (1) the way in which the arts contribute to the creation of centralities in the inner suburbs, (2) the role they play in the local cultural and social life of these spaces, and (3) their connection to urban production and transformation. Two main findings are highlighted. Firstly, the Canal de l'Ourcq is experiencing a spatial clustering of cultural venues, collaborative art-world networks, events and other artistic activities, which are changing the atmosphere of the area, attracting audiences, and producing a positive image that radiates out to Paris and beyond. This brings out a form of centrality associated with an area usually categorized as a periphery – both spatially as well as socially, symbolically or culturally – and allows the concept of peripheral centrality to emerge. Secondly, the identification of this peripheral centrality in the case of the Canal de l'Ourcq highlights the ambivalence of the role of arts and culture in the city. On the one hand, they contribute to the local cultural vitality, to the social ties and to the well-being of the residents in order to build an inclusive and cohesive city. On the other hand, they contribute to enhancing the attraction of urban spaces and to their insertion into the rationale of real estate and tourism development and the phenomena of gentrification – caused by urban projects and public and private investments – which feed the socio-spatial fragmentation of the neoliberal city. These results raise new conceptual perspectives for urban studies. Peripheral centrality calls into question the traditional center-periphery model in urban studies and provides a conceptual and empirical framework for understanding "peripheral" spaces, their forms of centrality, their realities, and the issues at stake, particularly in their reciprocal relations with the "central" areas. |
| Keywords: | Art, Peripheral centrality, Cultural vitality, Inner suburbs, Urban transformation, Gentrification, Canal de l'Ourcq, northeastern Paris, City |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04679994 |
| By: | Giacomo Bonanno (Department of Economics, University of California Davis) |
| Abstract: | Building on the analysis of Bonanno (Artificial Intelligence, 2025) we introduce a simple modal logic containing three modal operators: a unimodal belief operator, a bimodal conditional operator and the unimodal global operator. For each AGM axiom for belief revision, we provide a corresponding modal axiom. The correspondence is as follows: each AGM axiom is characterized by a property of the Kripke-Lewis frames considered in Bonanno (Artificial Intelligence, 2025) and, in turn, that property characterizes the proposed modal axiom. |
| Keywords: | Belief revision, conditionals, counterfactuals, Kripke relation, Lewis selection function, modal logic, frame correspondence |
| JEL: | C0 |
| Date: | 2025–02–19 |
| URL: | https://d.repec.org/n?u=RePEc:cda:wpaper:368 |
| By: | Di Zhang |
| Abstract: | Triangular arbitrage is a profitable trading strategy in financial markets that exploits discrepancies in currency exchange rates. Traditional methods for detecting triangular arbitrage opportunities, such as exhaustive search algorithms and linear programming solvers, often suffer from high computational complexity and may miss potential opportunities in dynamic markets. In this paper, we propose a novel approach to triangular arbitrage detection using Graph Neural Networks (GNNs). By representing the currency exchange network as a graph, we leverage the powerful representation and learning capabilities of GNNs to identify profitable arbitrage opportunities more efficiently. Specifically, we formulate the triangular arbitrage problem as a graph-based optimization task and design a GNN architecture that captures the complex relationships between currencies and exchange rates. We introduce a relaxed loss function to enable more flexible learning and integrate Deep Q-Learning principles to optimize the expected returns. Our experiments on a synthetic dataset demonstrate that the proposed GNN-based method achieves a higher average yield with significantly reduced computational time compared to traditional methods. This work highlights the potential of using GNNs for solving optimization problems in finance and provides a promising approach for real-time arbitrage detection in dynamic financial markets. |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2502.03194 |
| By: | Ilzetzki, Ethan |
| Abstract: | This paper investigates how an increase in military expenditures affects an economy. It is written in the context of rising geopolitical tensions that have spurred increased military spending in the United States, Europe, and other economic areas. It draws on a large literature in macroeconomics, public finance, defense and peace studies, economic history, and the study of productivity to evaluate the short- and long-run consequences of rearmament. |
| Keywords: | Military expenditures, Fiscal multipliers, Innovation, Growth, Short- and long-run consequences of rearmament, USA, Europe |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkrp:311212 |
| By: | González, Felipe (Queen Mary University of London); Prem, Mounu (Einaudi Institute for Economics and Finance) |
| Abstract: | Despite the adverse effects of economic crises, incumbents often retain significant electoral support. We attribute this resilience to the intensified political returns of transfers during crises. Our context is the largest infant nutrition program in the world, implemented by Salvador Allende and his left-wing coalition in Chile (1970-1973) as part of a large increase in spending that contributed to hyperinflation, scarcity of basic goods, and plummeting real wages. Using administrative data and surveys, we find that the delivery of three cups of milk per day to all preschoolers in the country lowered infant mortality and helped the left-wing government to remain electorally popular. We support the causal interpretation of results by exploiting a family planning program from the late 1960s, information campaigns targeting women, and voting in gender-segregated booths. Furthermore, novel measures of the local severity of the economic crisis reveal that transfers yielded greater political returns in areas hardest hit by economic hardship. Why did the crisis fail to translate into support for the opposition coalition? Survey evidence suggests that transfers swayed voters who perceived the crisis as unrelated to government policies. Overall, our findings demonstrate how direct transfers and heterogeneous perceptions of economic crises can sustain the electoral popularity of governments. |
| Keywords: | government support, transfers, crisis, hyperinflation, socialism |
| JEL: | H51 N35 N46 P35 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17661 |
| By: | Alicia Vidler; Toby Walsh |
| Abstract: | The over-the-counter (OTC) government bond markets are characterised by their bilateral trading structures, which pose unique challenges to understanding and ensuring market stability and liquidity. In this paper, we develop a bespoke ABM that simulates market-maker interactions within a stylised government bond market. The model focuses on the dynamics of liquidity and stability in the secondary trading of government bonds, particularly in concentrated markets like those found in Australia and the UK. Through this simulation, we test key hypotheses around improving market stability, focusing on the effects of agent diversity, business costs, and client base size. We demonstrate that greater agent diversity enhances market liquidity and that reducing the costs of market-making can improve overall market stability. The model offers insights into computational finance by simulating trading without price transparency, highlighting how micro-structural elements can affect macro-level market outcomes. This research contributes to the evolving field of computational finance by employing computational intelligence techniques to better understand the fundamental mechanics of government bond markets, providing actionable insights for both academics and practitioners. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2501.16331 |
| By: | Mélanie Gittard (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École nationale des ponts et chaussées - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Since 2000, Kenya has experienced an increase in the frequency of droughts, significantly affecting agriculture and driving labor force migration. This paper investigates strategic migration patterns among farmers and pastoralists in response to repetitive droughts. I use fine-grained data that enables the capture of shortdistance migration and heterogeneity, combining satellite-based data on daily rainfalls (CHIRPS) with exhaustive censuses from 1989, 1999, and 2009. I use a two-way fixed-effect model to exploit the spatial variation in drought frequency across 2, 518 sub-locations, comparing their demographic growth according to the number of dryrainy seasons over each decade. First, I show that increased drought frequency triggers out-migration, as one additional drought decreases demographic growth by 1.7 p.p, equivalent to a 1% population decline. This result is consistent within the [15; 65] age group, excluding other demographic effects and confirming migration as the driving factor. The main contribution of this paper is the identification of different migration strategies across livelihoods. Rural areas dominated by pastoral activities experience significant out-migration, leading to a rural-rural shift from pastoral to agriculture-oriented regions. Herders' migration displays little heterogeneity, suggesting the migration of entire households and consistent with migration as a last resort. Agricultural rural areas are less vulnerable to drought and display significant heterogeneity. The results show the migration of the most educated individuals in the working age, while uneducated individuals are trapped in affected areas. This paper highlights the importance of using detailed data to understand diverse migration strategies, thereby facilitating the implementation of effective policies. |
| Keywords: | Kenya, Droughts, Migration, Population, Census data |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04685409 |
| By: | Charles Labrousse (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEE - Institut national de la statistique et des études économiques (INSEE)); Yann Perdereau (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | What are the effects of central bank balance sheet expansion, and should we worry about central bank losses? Using a Heterogeneous Agent New Keynesian model incorporating money in utility and an endogenous zero lower bound (ZLB), we study the fiscal-monetary interaction of central bank balance sheet policies. We find that the overall efficiency of QE and QT policies depends on the combination of the expected future size of the balance sheet and the fiscal transmission of central bank losses. First, permanent balance sheet expansions stimulate the economy in the long-run and, by anticipation, increase inflation and output during the ZLB episode, as they interact with distortionary taxes and imperfect capital markets. Second, at the end of the ZLB, the central bank incurs losses: issuing securities to offset these losses is more welfare-enhancing than raising taxes. |
| Keywords: | Monetary policy, Heterogeneous agents, Balance sheet, Quantitative Easing, Quantitative Tightening, CB losses, Fiscal and monetary policy mix |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04577286 |
| By: | Julieta Vera Rueda (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | I study whether the parental perception of a newborn's health affects their investments in the child and their health outcomes later in childhood. I use the medical cutoff of low birth weight (<2.5kg.), a historically standard cutoff used to identify infants at high mortality risk. While the economic literature has already studied the implications similar cutoffs (<1.5kg.) have on children's development, most of it has focused on medical treatments as the primary mechanism. In this paper, I investigate whether parents also respond to this label by adapting their investment decisions. To answer this question, I use the French Longitudinal Study of Children ( Étude Longitudinale Française depuis l'Enfance-ELFE ). Using a regression discontinuity design approach, I find an improvement in nutritional outcomes for those that, on top of being low birth weight, are premature. I do not find strong evidence of direct medical intervention at birth based only on the cutoff. Conversely, I encounter that parents respond to children being labeled low birth weight. This is particularly so when looking at parental investments in pre-term children. While doctors might have an indirect role-through advice and recommendations to parents-ignoring parental responses at birth could lead to an under/overestimation of the returns of early-life interventions by the medical community. |
| Keywords: | Early Childhood Development, Health at birth, Parental Investment |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04840623 |
| By: | Romain Lachat (CEVIPOF - Centre de recherches politiques de Sciences Po (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, Institut d'Études Politiques [IEP] - Paris); Jean-François Laslier (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Declining levels of turnout and growing distrust in political elites are often seen as symptoms of a crisis of representative democracy. Various proposals of reform have been made to reinvigorate representation and political participation. This paper focuses on one aspect of that debate: finding an alternative to FPTP, which is the electoral rule most frequently used in single-member districts, but which is criticized, among others, for allowing only a limited expression of voters' preferences. Many alternative rules are in use or have been suggested, such as Two-Round majority, Instant Runoff, Approval Voting, Majority Judgement, or Range Voting. The literature on these decision rules has concentrated on their formal properties. Yet, we know surprisingly little about how frequently these rules would lead to different outcomes in normal electoral settings. This paper improves our understanding of these rules by examining their mechanical effects. We start from data on voters' party utilities from "real-world" settings, based on CSES data. This allows simulating and comparing the outcomes of different electoral rules under a variety of distributions of voters' party preferences. We then analyze how frequently they lead to different outcomes and identify the contextual characteristics that explain these differences. For the latter question, we focus on a number of party system or electorate's characteristics, which have been highlighted in debates on challenges to representation (such as ideological polarization, party system fragmentation, or affective polarization). |
| Keywords: | Electoral systems, Condorcet winner, Condorcet efficiency, Polarization, Party system fragmentation |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04630321 |
| By: | Antoine Bozio (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IPP - Institut des politiques publiques, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Étienne Fize (IPP - Institut des politiques publiques); Arthur Guillouzouic (IPP - Institut des politiques publiques); Clément Malgouyres (CREST - Centre de Recherche en Economie et Statistique [Bruz] - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz], PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IPP - Institut des politiques publiques, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Laurent Bach (ESSEC Business School) |
| Abstract: | L'objectif affiché des réformes de la fiscalité du capital mises en place entre 2017 et 2018 était de baisser la fiscalité sur le capital afin de soutenir l'investissement privé, et in fine la croissance de l'économie française. L'enjeu d'évaluation est donc de pouvoir quantifier ces potentiels effets sur l'investissement, et plus généralement sur la circulation du capital dans l'économie. Les précédents travaux de recherche menés jusqu'à présent n'ont pas mis en évidence d'effets sur l'investissement de la mise en place du PFU pour les entreprises déjà existantes (Bach et al., 2021a), et le constat s'est avéré similaire pour la transformation de l'ISF en IFI (Bach et al., 2021b). La marge intensive de l'investissement ne semble donc pas être une marge de réponse comportementale majeure aux modifications de la fiscalité sur la distribution des revenus ou sur le stock de capital. Les travaux de recherche sur données françaises ont, par contre, mis en évidence une forte réaction de la distribution des revenus du capital à ces réformes, avec notamment une très forte hausse de la distribution des dividendes à la mise en place du PFU (Bach et al., 2019, 2021a), mais aussi à la mise en place de l'IFI avec la suppression du mécanisme du plafonnement (Bach et al., 2023). L'objectif de l'étude présentée dans ce rapport est de compléter ces travaux en mesurant l'impact des réformes du PFU et de l'IFI sur des décisions d'investissement à la marge extensive, c'est-à-dire correspondant à des choix discrets d'investissement comme la création d'entreprise, l'expatriation ou au retour d'entrepreneurs, et les décisions de réinvestissement de capital. |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04439415 |
| By: | Annette Alstadsaeter (NMBU - Norwegian University of Life Sciences); Sarah Godar (EU Tax - EU Tax Observatory); Panayiotis Nicolaides (EU Tax - EU Tax Observatory); Gabriel Zucman (EU Tax - EU Tax Observatory, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Over the last 10 years, governments have launched major initiatives to reduce international tax evasion. Yet despite the importance of these developments, little is known about the effects of these new policies. Is global tax evasion falling or rising? Are new issues emerging, and if so, what are they? This report addresses these questions thanks to an unprecedented international research collaboration building on the work of more than 100 researchers globally. |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04563948 |
| By: | Gabriel Desgranges (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université); Stéphane Gauthier (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Institute for Fiscal Studies - University of Manchester [Manchester]) |
| Abstract: | Financial investors choose the capital they invest into risky firms based on the return they expect. The actual return depends on fundamental shocks and the aggregate investment, which gives rise to beauty-contest issues. The paper characterizes how the ability of investors to solve these issues relates to the amount of fundamental volatility. It exploits this link to provide a quantitative assessment of the contribution of fundamentals to market volatility. Volatility would be driven by fundamentals in most markets. However out-ofequilibrium beliefs significantly contribute to observed volatility in markets of the financial sector. |
| Keywords: | Rational expectations, Market efficiency, Rationalizability, Beautycontest, Fundamental volatility, Behavioral finance, Excess volatility |
| Date: | 2023–09–19 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04210677 |
| By: | Viral V. Acharya; Stefano Giglio; Stefano Pastore; Johannes Stroebel; Zhenhao Tan; Tiffany Yong |
| Abstract: | We build a general equilibrium model to study how climate transition risks affect energy prices and the valuations of different firms in the energy sector. We consider two types of fossil fuel firms: incumbents that have developed oil reserves they can extract today or tomorrow, and new entrants that must invest in exploration and drilling today to have reserves to potentially extract tomorrow. There are also renewable energy firms that produce emission-free energy but cannot currently serve non-electrifiable sectors of the economy. We analyze three sources of climate transition risk: (i) changes in the probability of a technological breakthrough that allows renewable energy firms to serve all economic sectors; (ii) changes in expected future taxes on carbon emissions; and (iii) restrictions on today's development of additional fossil fuel production capacity. We show that different transition risks—and, importantly, uncertainty about their realizations—have distinct effects on firms' decisions, on their valuations, and on equilibrium energy prices. We provide empirical support for the heterogeneous effects of different transition risks on energy prices and stock returns of firms in different energy sub-sectors. |
| JEL: | G0 Q0 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33413 |
| By: | Ricardo Estrada (CAF – Development Bank of Latin America); Jérémie Gignoux (PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Agustina Hatrick (CAF – Development Bank of Latin America) |
| Abstract: | We study how the admission of an older schoolmate to an elite secondary school influences the application decisions and admission outcomes of younger students. Our study focuses on the rapid expansion of a nationwide system of highly selective secondary schools in Peru. These schools are free of charge, which enables us to investigate the effect of peers on educational choices in a context with minimal financial barriers. Using a sharp regression discontinuity design, our analysis shows that the admission of an older schoolmate increases the number of younger students who apply (by 17%) and are admitted (by 43%) to this elite school system. The effect on applications is concentrated among students with low socioeconomic status (SES). Our evidence suggests that role models can reduce the socioeconomic aspirations gap by helping high-achieving, low-SES youth to learn about the benefits of attending elite schools and to assess whether such institutions are a good match for them. |
| Keywords: | Elite schools, Education inequality, Education externalities, Information diffusion, Peer effects, School choice |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04350164 |
| By: | Marion Richard (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCL - Université Catholique de Louvain = Catholic University of Louvain); Oliver Vanden Eynde (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | The effectiveness of security operations often depends on cooperation between different national armies. Such cooperation can be particularly important when international borders are porous. In this project, we investigate how the creation of an international armed force that could operate across international borders (the G5-Sahel Joint Force) affected conflict dynamics in the Sahel region. Relying on a regression discontinuity design, we find that the G5 mission lowered the intensity of conflict locally in its zone of operation. Further analysis of geographical conflict propagation patterns indicates that the G5-Sahel force facilitated security operations in border areas. |
| Keywords: | Counterinsurgency, Civil Conflict |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04312349 |
| By: | Alain Chateauneuf (UP1 - Université Paris 1 Panthéon-Sorbonne); José Heleno Faro (Instituto de Ensino e Pesquisa (Brazil) - Insper Institute of Education and Research); Jean-Marc Tallon (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Vassili Vergopoulos (LEMMA - Laboratoire d'économie mathématique et de microéconomie appliquée - Université Paris-Panthéon-Assas) |
| Abstract: | This paper offers a novel perspective on the α-maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker's overall utility function but are considered as primitives. Through consistency requirements, we derive an α-maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation. |
| Keywords: | Maxmin, Dual self, Aggregation |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04589094 |
| By: | Thomas Breda (PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Family firms are ubiquitous in most countries. The differences in objectives, governance, and management styles between those firms and their non-family counterparts have several implications for the workforce, which scholars have only recently started to investigate. Family firms offer greater job security, employ different management practices, have a comparative advantage to avoid conflicts when employment relations are more hostile, and provide insurance to workers through implicit contracts when labor market regulation is limited. But all this also comes at a cost. |
| Date: | 2025–01–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-02074392 |